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My grandmother had a wooden cookie jar that lived on the back of her kitchen counter the majority of my life. Her grandchildren have always been able to count on that cookie jar to be full of something delicious. Although there have been times that we've found Little Debbie treats, it's always been much more common for us to find homemade cookies that our grandmother baked for us in anticipation of a visit.

There are so many forms of love and I believe baking is one of them. In our offices we find happiness in preparing freshly baked cookies that we can offer during our client meetings and hope that our token translates as an...

We help families protect their assets from the costs of long term care. Often times, however, we are not working with our elderly client directly, but rather with his/her Agent under a Power of Attorney (POA). Unfortunately, we regularly see POAs that do not grant the Agent full authority because items in the General Authority and Specific Authority sections have not been initialed. This has been especially problematic since the Powers of Attorney Act was passed in 2010. As a result, the Agent does not have the authority to make gifts or create irrevocable trusts, which are both commonly necessary to complete asset protection planning....

Contributed by: Tony DiPietro, State Farm Insurance Agent

What is Life Insurance?

Life insurance is a contract established during your lifetime where an amount of money (called the “death benefit”) is paid to a beneficiary (the person(s) or entity you choose to receive the money) at your death, in exchange for a premium that you pay to the insurance company during your lifetime. However, there are various types of life insurance products available, all designed to serve a particular purpose. An insurance professional can help you understand your options and make the best selection for you and your loved ones.

How can Life Insurance S...

*Contributed by Marie T. Chin, Estate Planning Coordinator

“Every patient is someone’s most important person”. This was the quote on my desk calendar that I saw every day for the entire month of July. At Procino-Wells & Woodland, I am so proud to be a part of a team that sees each client as “someone’s most important person”. When someone comes into our office, they are typically dealing with preparing for death or with the recent loss of a loved one. These are incredibly difficult conversations to have and I am grateful to be part of a team that not only acknowledges this but is there through the entire process. From supplying freshly bake...

Jeffrey D. Montgomery is the founder and president of Montgomery Financial Services LLC (www.mfswealth.com). He works primarily with pre-retirees, retirees and affluent small-business owners, helping them grow, protect and distribute their financial assets.

The stock market is an amazing thing, with so many moving parts that it's impossible to predict. So don't even try to determine what it's going to do next, and don't believe people who say they can. Here's what to do instead.

Hardly a day goes by without some self-proclaimed expert making lofty, and sometimes outrageous, predictions in the media about where the markets are heading and...

A basic estate plan usually includes a Last Will and Testament, a Durable Power of Attorney and an Advanced Healthcare Directive. Often at the initial consultation, we review a client’s previous estate plan and many times find that they have named only one person as agent and/or executor. This could potentially cause challenges - what if that person becomes incapacitated or passes away before you? What if your agent goes on a long trip and during that time you have a significant health emergency and need that person to act on your behalf? Also, we often find that two people are listed together, but without independent authority to act. T...

Contributed by Tiffany Rubin, Chief Happiness Officer, Nurse Next Door Delaware, https://www.nursenextdoor.com/blog/welcome-to-nurse-next-door-delaware/

Palliative Care and Hospice often get confused with each other, and they also often come with negative connotations. We break down what you need to know, and help you figure out how to use each service to the fullest.

4 Main Differences at a Glance Prognosis: Palliative care does not have a particular prognosis. Hospice requires a prognosis of less than 6 months to live.

Qualifying for Care: Palliative care requires a serious illness, acute or chronic, as determined by your...

For many people there is a general misunderstanding regarding the two programs: Medicare and Medicaid.

Medicare is a nationwide, age based, governmental health insurance program funded by the Social Security Administration. Most of us, as taxpayers, will contribute to this fund while we are working. There is also a monthly premium that is paid for the level of insurance you choose to enroll in. You become eligible for the benefit when you turn 65, so it is an age based program. Some people with certain disabilities may be eligible for the health insurance before they turn 65.

There are different levels of Medicare. The most common...

Many of you are probably familiar with the actor Luke Perry. Maybe you know him from his days playing Dylan on the popular 1990’s TV drama 90210 or possibly from his more recent role as Frank Andrews on the hit show Riverdale. On May 4th, Perry unexpectedly passed away at the age of 52 due to complications from a stroke he suffered a week prior. In departing this life far too early, Perry shows us all why estate planning is important at any stage of life.

From what details have been gathered regarding Perry’s Estate Planning, it appears that his plan contained many of the documents we regularly recommend to our clients. First, it is li...

What is a Guardian? A Guardian is a Court appointed person authorized to make legal, medical and financial decisions for a disabled person.

Why would I need to pursue a Guardianship? Guardianship is necessary when an individual becomes incapacitated and there is not a legal Medical and/or Durable Power of Attorney in place that would allow someone to act and make decisions on an individual’s behalf and in their best interest. Typically, a relative or friend to the disabled person Petitions the Court of Chancery in Delaware, or the Circuit Court in Maryland, and requests permission to serve as the Guardian. The disabilities that require t...

“Historically, the purpose of a power of attorney is to select an agent (and ideally, successor agents) to act, in case you need assistance.”

Naming a trusted individual, whether a family member or a friend, to be your power of attorney is a significant decision. That person has the power to make financial decisions on your behalf, when you are unable to do so. It is, therefore, a serious responsibility, says My San Antonio Life in the article “Substitution of Agent and Delegation of Authority.”{: target="_blank"}

Here’s an example of what can go wrong. A man’s father signed a durable power of attorney a decade ago, naming his son ...

“You have reviewed multiple drafts of your Will, Trust, Living Will and Financial Power of Attorney, attended multiple meetings with your attorney, discussed the final distribution of your assets, selected your Executor and Trustee and finally executed your estate planning documents. So, you must be done, right?”

Putting your estate plan in place is a big first step in the process. However, it is only the first step for many people, according to this article “So You Think You’re Done with Your Estate Plan…”{: target="_blank"} from the National Law Review. Here’s an excellent checklist of items that are commonly overlooked and t...

“In March 2018, the U.S. Census Bureau reported that by 2030, all baby boomers will be over the age of 65, leading to a unique situation in demographics: 20% of U.S. residents will be at retirement age.”

Part of the increase in the number of people who live long enough to be of retirement age, is because life expectancies have increased. The average U.S. life expectancy has increased from 68 years in 1950 to 79 years in 2013, according to the Population Reference Bureau cited in an article from U.S. News & World Report titled “How Should I Finance Assisted Living?”{: target="_blank"}

The combination of increasing life expectancies ...

“Many of us have experienced the unexpected "telephone call" from a hospital or loved one that a sudden negative medical event has occurred, involving a member of your family.”

It’s never a good thing, when you get a call and the person on the other end asks if you are sitting down.

A sudden death or medical crisis can turn your world upside down, especially if the person was not prepared with the right documents says The Union in the article “Estate planning in a time of crisis.”{: target="_blank"} Your heart sinks and questions start flooding your mind. Will they survive? How far is the hospital and how fast can you get there? ...

“Though retirement can be a fulfilling time in people's lives, it can also be a stressful one. This especially holds true, if you fall victim to the following mistakes, so be sure to avoid them at all costs.”

Most people spend their entire working lives dreaming of retirement. However, when they get there, it’s a new and strange world without fixed schedules or routines. If you make any of these mistakes, reports The Motley Fool in the article “4 Retirement Planning Mistakes You Probably Don’t Even Realize You’re Making,”{: target="_blank"} you might be surprised to find yourself working again!

Relying heavily on Social Secu...

“Although we typically associate the term “estate” with the ultra-wealthy, estate planning is not just for the rich. Everyone, regardless of family dynamics or financial status, can benefit from having an estate plan—a collection of documents that specify how you want your assets distributed.”

Estate planning has a purpose while you are alive, with medical directives and powers of attorney, as well as when you have passed. That is something most people don’t understand. As described in a recent article in Forbes, “6 Reasons Why You Need an Estate Plan,”{: target="_blank"} most people continue to neglect to put a plan in pla...

you will become a widow or widower at some point.”

If it’s any comfort, there are now some 20 million widows and widowers in America, according to a study from Merrill Lynch and Age Wave that focuses on widowhood, as reported by CBS News’ Moneywatch in “A retirement planning must-do for married couples.”{: target="_blank"} The study, “Widowhood: The Loss Couples Rarely Plan for—and Should” takes a detailed look at what happens, when the first spouse dies.

It should be noted that women are three times as likely as men to be the surviving spouse, since women historically tend to live longer. Widowers tend to marry younger wom...

"Do not buy into the myth that estate planning is only relevant for wealthy individuals who need tax planning.”

One of an estate planning attorney’s main responsibilities is ensuring that clients understand the importance of addressing these matters before they become an issue, reports the New Jersey Herald in the article “The importance of putting plans in writing.”{: target="_blank"}

The message hits home especially hard, when the friends of estate planning attorneys experience problems that could have been resolved earlier with correct planning. In one example, a woman’s friend began to experience unexpected health problems. Her...

“Everyone needs a will, but, increasingly, estate planners say people also could benefit from setting up a trust while they are alive. That step would help assure that their assets are distributed more quickly, their bills paid promptly and continuously, and personal information about property and other assets are kept out of the public eye.”

You might think of a trust as something for wealthy people who want to dispose of high-end assets, like art work, collectible cars or businesses. However, just like everyone needs an estate plan regardless of their asset level, says The New York Times in the article, “Life After Death? Here’s Why...

“When my husband and I were in our 20s, we didn’t have what anyone would consider an ‘estate.’ We lived paycheck to paycheck and had a mortgage on a small house. We did, however, have two priceless assets that provided good reasons for us to make a will—our children.”

No one likes to consider the prospect of tragedy striking, especially when children are young, but according to this article in the Lodi News Sentinel, “Planning for what comes last,”{: target="_blank"} estate planning is especially important for families just starting out. When the children grow up, estate planning is important to protect the children, making...

“Aretha Franklin's death is going to cause some headaches for her heirs.”

The Queen of Soul did not have an estate plan, a will or a trust when she died from pancreatic cancer recently, according to news reports. That’s especially surprising, said Investment News in the article “Aretha Franklin estate echoes planning problems of Prince,”{: target="_blank"} since her estate has already been valued at as much as $80 million.

Franklin was not married, so the estate will pass to her four children. It’s similar to the situation that occurred when Prince died unmarried and without a will in 2016.

Had she been married her estate would...

“Choosing an assisted living facility can be frightening prospect for anyone. However, the fear can be greater for people with no kids to help them through the process.”

When you don’t have kids or close family members, making decisions about an assisted living facility can be lonely and daunting, often leading people to delay planning. For many people, says Financial Planning in a recent article “Planning challenge: aging clients, no kids, assisted living required,”{: target="_blank"} just the thought of moving into an assisted living facility, means they are entering a dark tunnel or, as some say, heading into God’s waiting ro...

“Four types of expenses can wreak havoc with your retirement.”

Retirement is a balance between enjoying your golden years, taking good care of your health and balancing your finances, so you don’t run out of income too early. However, as reported by MD Magazine in the recent article “Four Big Retirement Threats and How to Protect Yourself,”{: target="_blank"} there are challenges ahead, some of which you can control, others requiring preparation.

Threat One: Premature death of a spouse and loss of Social Security or pension income. The loss of one Social Security check can have a significant impact on the household’s income. This...

“The goal: to see if researchers can monitor and detect health changes in older adults and enable them to live longer in their own homes. For example, early signs of cognitive decline may be detected through changes in computer use or driving.”

A research assistant tested and placed sensors in the studio apartment of a 75-year-old Portland, OR resident one June morning. The man was basically allowing his house to be reconfigured, reported The Wall Street Journal in the article “A Tech Test to Keep Seniors in Their Homes Longer.” {: target="_blank"} The man was taking part in a large national study called CART–Collaborative Aging (I...

“Searching for a lawyer who can help you put together a good estate plan, may seem like a daunting task. However, with a little help, you should be able to find several qualified lawyers to choose from.”

Finding an estate planning attorney who can help you create an estate plan that works for your family, is an important first step in creating an estate plan. You’ll want someone you are comfortable with, who is respected by other professionals and will be able to help your loved ones during emotional times. An article from The Balance, “Tips for Finding an Estate Planning Attorney,”{: target="_blank"} offers some useful pointers...